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This letter is to future buyers. O.K. you want to own a home and you want to make the right choice. Have you done your home work?


Location and Price are your first concerns. With gas prices going up every day, close to work should be a consideration. Research the area for good neighborhoods, good schools and shopping close by. Donít rule out an area because you think it has negative demographics. Check out, if it is in the process of changing. I feel that there will be more movement towards older neighborhoods, closer to work and that they will become safer and cleaner in the future.


Now for the price issue, are you sitting on the fence right now? Everyone wants to know, when do I buy? My answer is when it feels right for you. Do you know more houses were sold last month than the previous 3 months and why?  The buyers are investors, buying their 3rd and 4th house. They come looking for the deals and are ready to buy right now. The best deals are Bank Owned Real Estate called REO.


REO properties are low in price and sold at a loss to the banks. They price them to move fast and a buyer has to be ready to jump on it. There are 10 to 12 offers on every low priced REO property within 2 to 5 days after being put on the market. The banks are getting  these  properties off their books in 30 days.  Investors take advantage of this fact and are not emotionally involved as you would be buying your HOME.


What you need to do is have an area you would like to live in, a pre-approved loan amount and a time frame, so we are READY. This may take time to get it right but you have the time to be prepared. Do not wait till the market is going up again to decide what and where you want to live. No one can hit the very bottom of the market with anything but luck. The best you can do is to educate yourselves and be prepared to make that decision.


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